Speaker Name & Country :

Topic:

Derek Cribb, Institute & Faculty of Actuaries

United Kingdom

Interactive Video Professionalism Training

Regulatory Strategy
The IFoA's overarching regulatory strategy:
to regulate the members of the Institute and Faculty in such a
way as to assure public trust and support business and
innovation

Proportionate
Accountable
Consistent
Transparent
Targeted
Monitored for effectiveness
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Regulatory Strategy
Achieved through:
Standards and Guidance
Lifelong Learning
Monitoring
Enforcement and Discipline

Standards Framework
Mandatory:
Actuaries Code

Integrity
Competence and Care
Impartiality
Compliance
Communication

Actuarial Profession Standards (APSs)

Non-mandatory:
Guidance
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Lifelong Learning
CPD Scheme incorporating Professional Skills Training for all
members
Skill sets framework
Programme of CPD events and Conferences
New online content annually focusing on professional ethics

Monitoring
CPD monitored on a sample basis
QAS
promotes effective quality assurance at an organisational level
promotes confidence in the work of actuaries
Helps identify issues affecting the quality of actuarial work
delivers future regulatory efficiencies?
international (Asian) pilot 2017

Enforcement and Discipline -the Process

Misconduct: explained
What does it mean?
Global remit
In course of carrying out
professional duties or otherwise
Importance of reputation of the
profession
Applies to former members

How do the Panels decide?

Objective standard; what

might someone reasonably
expect of an Actuary
With reference to
standards/advice/code
Applied by Panels on a case by
case basis
Not a precedent system,
although consistency is
important

Disciplinary Cases in Asia

19 cases since 2004

Professionalism in Practice
Freddie, a junior actuary, has been summoned to a meeting with his
boss Gail. Rumours of a highly sensitive prospective acquisition they
have been working on has made national headlines the previous
evening.
Freddie, along with other members of the team, signed a detailed
non-disclosure agreement relating to the Trentbridge acquisition.
It is not clear where the leak has come from, but Gail is determined
to find out.
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Professionalism in Practice
Chain Reaction - Video

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Professionalism in Practice
Chain Reaction Narrator video

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Professionalism in Practice
Mike and Samantha are experienced actuaries who set up their own two person
actuarial consultancy.
Two months ago Mike took on a role for Gertax Insurance, a small insurance company.
Gertax was eager to launch an innovative new product to the market ahead of its
competitors.
The key project definition terms of reference document is agreed quickly. Before long
problems become apparent when the scope of the initial project appears to expand.
On a re-reading of the project definition terms of reference document Mike is
dismayed to see that it is not as robust as he would wish.
Difficult discussions with the clients project sponsor follow and Mike is left in no doubt
that he will need to deliver or face the consequences.
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Professionalism in Practice
Look before you Leap - Video

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Professionalism in Practice
Look before you Leap Narrator video

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